MoMark Gets $600,000 Funding From YourNest Angel Fund And LNB Group

MoMark Services, a mobile app-based customer engagement platform and mobile wallet aggregator, has today raised a pre Series-A funding round of USD 600,000 (around Rs 4.5 crore). The funding round was led by YourNest Angel Fund along with the participation of Kolkata-based LNB group, said a statement from the company.

The company will utilise the funds to strengthen its technology platform and product offering, increase presence in existing and new markets as well as add top talent.

“We became acutely aware that there were anomalies in the way online and offline retailers approached data and customer engagement. This is primarily due to lack of access to the right tech-enabled tools for offline retailers. MoMark aims at removing this anomaly, helping retailers adopt customer engagement functions that they’ve not experienced before.”

The company claims that it has an adoption base of over 160 merchants in 58 cities, and has clocked “over 10 lakh” transactions worth Rs 7.63 crore. As many as 2,50,000 unique customers transact with merchants via the MoMark platform. It was founded in 2012 by Rajesh Sanghi. The company presence includes big brands and metros, as well as tier III cities.

Girish Shivani, fund manager, YourNest Angel Fund, said,

“MoMark has nailed the opportunity in creating value targeted at offline retailers who have not fallen under the purview of traditional analytics-based customer engagement solutions. The team has already demonstrated its execution capability with rapid merchant acquisition and its ability to transform their businesses with their product. We are confident that MoMark will be able to build scale while arming more retailers with the best in customer-targeted technology.”